DFV Deutsche Familienversicherung AG

Earnings Release • May 23, 2024

DFV Deutsche Familienversicherung AG

23 Mai 2024

Welcome

Insurance revenue

Combined ratio

Profit before tax

Insurance revenue: change year-over-year

Robust combined ratio of 95 % and enhanced operating profitability

Statement of comprehensive income

€m	Q1 2023	Q1 2024	Delta		1
Insurance revenue	30.0	30.5	+0.5	1
Insurance service expenses	-17.8	-18.3	-0.5
Acquisition cost	-4.4	-4.6	-0.2
Other insurance expenses	-3.6	-4.2	-0.6	2	2
Net expenses from reinsurance contracts held	-2.9	-1.9	+1.0	3
Insurance service result	1.4	1.6	+0.1	4
					3
Claims ratio	65.3%	63.9%
Acquisition expense ratio	16.1%	16.0%
Admin expense ratio	13.3%	14.7%			4
Combined ratio	94.7%	94.5%

Insurance revenue, including the unlocking of the CSM which contains future profits of the contracts (Q1 2024: €1.2 million). Dental, DFV's core product line, achieved a revenue growth of 6% y-o-y. 1

Other insurance expenses grew mainly due to intensified marketing efforts (TV spots).

3 Partly redesigned reinsurance contracts resulted in a reduction of expenses.

4 The Q1 2024 insurance service result demonstrates DFV's improved operating performance which grew by 9% y-o-y.

Combined ratio looks different under IFRS 17

= 1 – Insurance service result Insurance revenue – Net expenses from reinsurance contracts held

2024 profit guidance is confirmed

Statement of comprehensive income

€m	Q1 2023	Q1 2024	Delta
Insurance service result	1.4	1.6	+0.1
Net investment income	0.6	0.5	-0.1
Net insurance finance expenses	0.0	0.6	+0.5
Net financial result	0.7	1.1	1 +0.4
Net insurance and investment result	2.1	2.6	+0.5
Other result	-0.8	-1.1	2 -0.3
Profit before tax	1.3	1.5	+0.2 3

Increased net financial result due to effects from changes in estimates (VFA) as well as a positive unwinding of certain reinsurance contracts (GMM). 1

Increase driven by one-off expenses relating to the IFRS 17/9 adoption. 2

Based on a robust operating performance and a continued volatile net financial result under IFRS 17/9 – DFV's full-year profit guidance of €5 to 7 million is confirmed. 3

Key messages

Focus on profitability	• DFV confirms the 2024 profit target • Implementing DFV's strategy with focus on reaching financial targets
Sustainable growth	• Capitalising on a unique business setup with DFV's attractive products • Continued growth via established online, direct and broker channels
Technical excellence	• Adequate pricing, underwriting and risk management of exposures • Robust profitability with operating income up 9% y-o-y
Operational efficiency	• Cost management and cost discipline remain key • Continued efforts to further professionalise internal capabilities

Our next investor relations activities in 2024

26 Juni AGM

12 September H1 2024 & Capital Markets Day

23 September Berenberg/Goldman Sachs German Corporate Conference